GBP/USD intraday technical analysis and trading recommendations for June 7, 2013
June 7, 2013 3:15 pm
On Wednesday, the GBP/USD pair expressed daily closure at 1.5409. As expected, this opened the way towards 1.5580 then 1.5620.
On the 4H chart, the visible bullish pressure being applied over 1.5400 resulted in the explosive bullish movement that occured Yesterday.
The pair is failing to fixate above 1.5603 (the high of May and the backside of the depicted broken bullish channel). This will probably lead to significant bearish retracement.
Intraday support is located around 1.5400-1.5380 where price action should be watched carefully. Consolidation again below 1.5380 invalidates the bullish scenario mentioned above.
The material has been provided by InstaForex Company – www.instaforex.com
On Wednesday, the GBP/USD pair expressed daily closure at 1.5409. As expected, this opened the way towards 1.5580 then 1.5620.
On the 4H chart, the visible bullish pressure being applied over 1.5400 resulted in the explosive bullish movement that occured Yesterday.
The pair is failing to fixate above 1.5603 (the high of May and the backside of the depicted broken bullish channel). This will probably lead to significant bearish retracement.
Intraday support is located around 1.5400-1.5380 where price action should be watched carefully. Consolidation again below 1.5380 invalidates the bullish scenario mentioned above.
The material has been provided by InstaForex Company – www.instaforex.com
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